K purchased an annuity that provides payments as long as she and her spouse live after a single premium. What type of annuity is this?

The type of annuity described in the question is a Single Premium Immediate Joint with Survivor Annuity. This annuity starts making payments immediately after the single upfront premium is paid, and it is designed to provide financial security for two individuals—K and her spouse—throughout their lifetimes.

The term "immediate" indicates that the annuity begins payments right away as opposed to accumulating value for a period before payouts start, which aligns perfectly with K's situation. Additionally, the "joint" aspect signifies that the annuity will continue to make payments for as long as either K or her spouse is alive. The "survivor" feature means that after the first person passes away, the surviving spouse will still receive payments, ensuring financial support throughout both of their lifetimes.

This structure effectively combines the immediacy of payments with the joint coverage that addresses the needs of couples, making it a suitable choice for K and her spouse's financial planning.